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New software from O&M tackles compliant DB transfer reporting

16 April 2019

O&M Systems has launched a new TVC tool to support advice firms in the defined benefit transfer market.

The firm said it has identified three key reports as part of this launch:

1. A client facing report containing the mandatory TVC, which runs to just 8 pages.

2. An adviser/file report, containing all the technical data a pension transfer specialist might need to support their recommendation.

3. A client facing retirement modelling report, which compares the options for the client, namely; remain in scheme, transfer out and if applicable, the purchase of an impaired life annuity.

The first two reports are available in O&M’s entry-level “Essentials” package, so existing O&M Profiler ESP users can access the TVC functionality without any additional charge. The retirement modeller is part of O&M’s “Professional” system. This report sits at the centre of a firms APTA justification.

O&M’s managing director Graham Miller says “The requirements for TVC and APTA were introduced in October 2018 and it was clear to us, that adding a TVC to an already lengthy TVAS report, doesn’t create an APTA. It simply leaves you with a hugely complex report that isn’t client friendly.

At no point has the FCA stated that cashflow modelling is a mandatory requirement, although it is hard to see how a compliant APTA case can be built without it.”